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Failure to Update Your Chicago Home Insurance Policy

As a Chicago homeowner, it’s wise for you to update your home insurance policy on a regular basis. Major changes to the home and lifestyle changes that affect the way you use your residence could both necessitate an update. Updating doesn’t take long – simply contact your agent for a discussion.

Some of the things that might result from failure to update your home insurance policy include the following:

  • Inadequate coverage, leading to ineligibility to claim on new items or extensions in your home.
  • No compensation for stolen or damaged items because they weren’t inventoried.
  • Less compensation for loss or damage than you would otherwise be able to claim, had you updated your policy.
  • When should you update your policy?

 
Generally, you should aim to update your policy whenever you make major changes to your home. For example, you should consider updating when you purchase new furniture or equipment, or if you renovate or remodel your home. You might also consider speaking to an agent if you introduce new security features to your home. Lifestyle changes, too, could necessitate a change of coverage.

Frequent absences from home, or heavy use leading to higher risk of accidental damage could all impact on your insurance needs. For these reasons, it’s a good idea to keep in touch with an agent on a regular basis to make sure you’re getting the most out of your policy.

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